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According to HUR's admittedly dated website Kerogen still own 16%.
Been reading through a March updated from CA. It seems this paragraph questions the validity of ERCE's CPR report and asserts a state of affairs in direct contradiction of ERCE's most recent CPR.
'On 8 January 2021, the Fund shared its updated technical report with Hurricane. This stated
why the Fund and its consultants believe that the board of Hurricane does not seem to be
focusing on the upside potential of the fractured basement play within Hurricane’s licences. The Fund sought an explanation as to why Hurricane was not keen to tie back the existing Lincoln Crestal well which was reported to have tested at a sustained commercial rate. Production from Lincoln could significantly increase overall output with minimal pressure drawdown atLancaster.The Fund believes that the Lancaster basement play may contain resources greatly in excess of the pool currently being developed by the Lancaster EPS'
But the most optimistic and uplifting paragraph is this one which is of direct importance to the bond redemption issue -
'Hurricane Energy plc (“Hur r icane”) (continued)
A trading update in Januar y 2021 highlighted how cash generation has recently improved as a result of the recover y in the oil pr ice, with the company generating $19 million in the month
of December 2020 alone, taking cash to $106 million. The Fund notes that the pr ice of Brent
cr ude has recently continued its strong recover y, from $38 per bar rel in October 2020 to more than $60 a barrel. The Fund believes that in 2021, this increase alone should add more than $100 million in cash to Hur r icane. It should also significantly increase the value of Hurricane’s other, hitherto, untapped resources if this level is maintained.
The Fund regards Hur r icane as a tremendous UK asset. It is now essential that its potential is
fully maximised.'
-
Can anyone confirm Kerogen still have a Shareholding of 16% ?
I dont think CA takeover Hur, but could be wrong. The publicity we have attracted over the last 6 months has definitely put us on the radar for a Bid.
The release of good news and there is a lot starting to get lined up should raise the SP which is our main defence against a low ball offer. The probability of the BH being paid is starting to become a reality and hopefully life after clearing the BH's.
I do think outside the predictable news that can get realised we need something significant to get us where we should be i.e. double digits, this could be in the form of a CPR with increased resources, a FWP or the Spirit deal resolved and ultimately a plan to increase production.
GB1
It's an historical cost now fella so I'd dismiss it. $17m pistt down the swanny for no reason other than grubby graft
One thing is for certain is that the massive (relative to market cap of HUR) multi-year cashflows from Lancaster will attract some form of bid
Good news RNS the new BOD are now communicating .
Was the $17m restructuring cost folded into the 2nd Quarter Opex at $36m it certainly looks like it .
Opex would reduce to $19m should this be the case in Q3 , more aligned to 2020 .
Should CA raise their stake to 30% this allows for a Takeover to be tabled by Crystal Amber i believe .